There's
not much time left for you to make beneficial tax moves for 2013. Consider
these possibilities.
*
Maximize retirement plan contributions. For 2013, you can put $17,500 in a
401(k) plan, $12,000 in a SIMPLE, or $5,500 in an IRA. If you're 50 or older,
you can set aside even more as "catch-up" contributions.
*
Decide whether to sell investments to offset gains or losses already taken this
year. You can deduct $3,000 of net losses against ordinary income.
*
Estimate your tax liability for 2013, taking the new Medicare tax increases for
higher-income taxpayers into account. If you'll be underpaid, adjust your final
quarterly tax payment or your December withholding.
*
December 31 is the deadline for taking a 2013 required minimum distribution
from your traditional IRA if you're 70½ or older. Miss this requirement and a
50% penalty could apply.
*
Purchase needed business equipment to use the first-year $500,000 expensing
option for new and used equipment and 50% bonus depreciation for new equipment.
*
Make energy-saving home improvements that could qualify for a lifetime tax
credit of up to $500.
*
Finalize annual gifts to use the 2013 exclusion from gift tax on gifts of up to
$14,000 per recipient.
Contact
our office for details on these and other year-end tax moves.
No comments:
Post a Comment